Warner Bros. Discovery, Inc. - Series A · NASDAQ:WBD
Warner Bros. Discovery, Inc. - Series A — Warner Bros. Discovery — Merger or Acquisition (March 2026)
20 slides from Warner Bros. Discovery, Inc. - Series A's merger presentation, Mar 2, 2026
Slide 1: Warner Bros. Discovery and Paramount Skydance
WARNER BROS. DISCOVERY A) ~* XSKYDANCE COI AWEXT-GENERATION GLOBAL MEDIA & ENTERTAINMENT COMPANY
Slide 2: A Next-Generation Global Media & Entertainment Company
IR WARNER BROS. Gramount DISCOVERY my COMBINED YEARS OF STORYTELLING A NEXT-GENERATION GLOBAL MEDIA & ENTERTAINMENT COMPANY Gan
Slide 3: Uniting Two World-Class Teams as the Foundation for the Future
@ WARNER BROS. Paramount | “SEE UNITING TWO WORLD-CLASS TEAMS AS THE FOUNDATION FOR THE FUTURE Expanding the Creative Engines at the Core of Paramount and WBD Prolific producer of celebrated and culturally- impactful content Vast film & TV library supported by ‘marquee franchise IP Cutting-edge gami
Slide 4: World-Class Creative Engine
WORLD-CLASS CREATIVE ENGINE Bringing together iconic franchises and IP to tell more great stories for our global audience. hz, THEATRICAL PROJECTS ANNUALLY >
Slide 5: A Global Streaming Competitor
A GLOBAL STREAMING COMPETITOR Delivering more stories to more consumers around the world as we develo streaming platform of the future. ' 7 = s au : ; ~ sist, RM 100+ Combined Global DTC Subscribers! Combined Countries & Territories Differentiated, High- Engagement Stories for a Global Audience g th
Slide 6: Robust and Profitable Linear Portfolio
ROBUST AND PROFITABLE LINEAR PORTFOLIO linear Portfolio Anchored by Diversified Broadcast and Cable Assets Engaging Audiences Globally RTS TEAL ‘eh LOCALBRANDS & 3 . eA. WiEovery [adultswim] UNIFIED ASSETS CREATE A MORE DURABLE LINEAR PORTFOLIO TO ENABLE REINVESTMENT IN GROWTH ‘ ’ ¥ 2 ANP
Slide 7: Expanding Consumer Choice and Empowering Creative Talent Worldwide
EXPANDING CONSUMER CHOICE AND EMPOWERING CREATIVE TALENT WORLDWIDE / “a More great stories delivered to more A commitment to invest in A stronger global competitor for the consumers around the world more incredible stories future of entertainment
Slide 8: Transaction Overview
TRANSACTION OVERVIEW Paramount Skydance is acquiring Warner Bros. Discovery, Inc. for $31.00 per sh funding fully backstopped by the Ellison Family Trust and RedBird Capital PSKY acquires 100% of Warner Bros. $47B new equity investment from the Ellison Discovery Family and RedBird at $16.02 per shar
Slide 9: Equity Investment Priced at $16.02
P * EQUITY INVESTMENT PRICED AT $16.02 Transaction funding includes $47B in equity commitments from the Ellison Family and RedBird New PSKY Class B shares to be issued based on a price of $16.02 per share Price determined by a Special Committee of the Board of Directors of Paramount, comprised of in
Slide 10: PSKY + WBD Transformation
PSKY + WBD TRANSFORMATION We expect to realize $6B+ in run-rate synergies within tl post-close guided by the PSKY transformation plan, inclt Consolidating Streaming Technology Stacks _ Global Business Services & Procurement Efficiencies Rationalizing Real Estate Footprint and Corporate Overhead SS =
Slide 11: Transaction Valuation & Pro Forma Leverage
TRANSACTION VALUATION & PRO FORMA L PSKY’s acquisition of WBD at $31.00 per share represents The combined company’s debt capitalization would repress WBD VALUATION (TEV / 2026E Adj. EBITDA) 13.3x PRO FORMA LEVERAGE (NET DEBT / Adj. EBITDA) 65x x) Pre-Synergies Post-Synergies Target Pre-Synergies Pos
Slide 12: Purchase Consideration and Sources and Uses
PURCHASE CONSIDERATION AND SOURCES a WBD PURCHASE PRICE ($ i ( ill WED Rorchsse files ney Share $3100) Equity Investment from Ellison Family and RedBird $47.0 (x) WBD Fully Diluted Shares Outstanding (in B) New PSKY Bridge Commitment (New Transaction Debt) 38.6 a aS = New PSKY Bridge Commitment (WBD
Slide 13: Pro Forma Financials
PRO FORMA FINANCIALS A unified company with a foundation for long-term growth and heal th
Slide 14: Medium-Term Financial Targets
MEDIUM-TERM FINANCIAL TARGETS We expect the majority of revenue and profits to be driven by studios and streaming by 2030, Mid-single-digit Yo Total Revenue CAGR 2026E - 2030E
Slide 15: World-Class Studios, Complementary Streaming Platforms, Extraordinary Talent
WORLD-CLASS STUDIOS, coMeLeweNTA STREAMING PLATFORMS, EXTRAORDINARY TALENT SERVING GLOBAL AUDIENCES, PARTNERS, AND SHAREHOLDERS
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Slide 17: Thank You
Slide 18: Warner Bros. Discovery Attributions
WARNER BROS. DISCOVERY ATTRIBUTIONS HBO Original | Game of Thrones WB | Wonka DC Studios | Aquaman WB | Harry Potter and the Deathly Hallows Part 2 ‘Max Original | The Pitt HBO Original | The White Lotus TNT Sports | NHL on TNT TNT Sports | MLB on TBS CNN | News: HGTV | Home Town Discovery | Dog Det
Slide 19: Forward-Looking Statements
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Slide 20: Additional Information and Where to Find It
Additional Information and Where to Find It This communication may be deemed to be solicitation material in respect of the proposed acquisition of Warner Bros. Discovery, Inc. (“ WBD ”) by Paramount Skydance Corporation (“ Paramount ”). In connection with the proposed transaction, WBD intends to fil
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